"My family is going to create a grant to eliminate your student loans!" -Robert F. Smith told the graduating Class of Morehouse College 2019.
Yes, this is very real!
Morehouse College alumni and billionaire Robert F. Smith has vowed to pay off the student debt of the ENTIRE class of 2019 graduates! Smith, who is a technology investor and philanthropist announced that his family is providing grants to wipe out the student debt during Sunday's commencement ceremony.
"When you have to service debt, the choices about what you can go do in the world are constrained," Morehouse President David A. Thomas said Sunday. "(Smith's gift) gives them the liberty to follow their dreams, their passions." This step will impact the lives of these young men significantly and give them a head start in opportunities like starting a business and supporting their families without the common stress of paying back student debt.
A Morehouse College representative told CBS News that the total amount Smith is pledging to donate is $40 million, but the total debt the students have is still being calculated.
Robert F. Smith had already announced a $1.5 million gift to the school and he received an honorary doctorate from Morehouse during the ceremony. This is very inspiring and will effect these graduates for generations to come!
To learn more about the effects of this gesture click HERE!